VirginiaHB15612025 Regular SessionHouse

Classification of land and improvements for tax purposes; localities.

Sponsored By: Joseph P. McNamara (Republican)

Failed

Summary

Classification of land and improvements for tax purposes; localities. Reclassifies improvements to real property as a separate class of real property and authorizes any locality to impose a real property tax on improvements to real property at a tax rate that is different than the rate applied to the land on which such improvements are located. Such rate may exceed, equal, or be less than the tax imposed upon the land on which the improvements are located.Under current law, such classification is allowed only for the Cities of Fairfax, Poquoson, Richmond, and Roanoke. For the Cities of Fairfax, Richmond, and Roanoke, the rate applied is required to be less than the rate applied to land under current law. The City of Poquoson is currently the only locality authorized to impose a rate in excess of the rate applied to land. The bill applies only to taxable years beginning on and after July 1, 2025.

Finance

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Joseph P. McNamara

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 5 • No: 3

House vote • 1/20/2025

Subcommittee recommends laying on the table

Yes: 5 • No: 3 • Other: 1

Actions Timeline

  1. Left in Finance

    2/4/2025House
  2. Subcommittee recommends laying on the table (5-Y 3-N)

    1/20/2025House
  3. Assigned Finance sub: Subcommittee #1

    1/17/2025House
  4. Impact statement from TAX (HB1561)

    1/11/2025House
  5. Referred to Committee on Finance

    12/14/2024House
  6. Prefiled and ordered printed; Offered 01-08-2025 25100558D

    12/14/2024House

Bill Text

Related Bills

Back to State Legislation